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Experts have described it as the most significant tax and fiscal reform in decades as it further improves the country's tax structure and will sustain economic growth in the long run.

China, Wang noted, is willing to use the SCO as a platform to speed up the dovetailing of the Silk Road Economic Belt initiative with the Eurasian Economic Union.

Support policies to widen employment channels should be improved, and reforms should be deepened to clear obstacles for graduates in starting businesses, he said.

"Support for near-term growth may further increase longer term imbalances, particularly if it leads to a rapid increase in investment by state-owned enterprises that does not yield benefits in terms of profitability and value added," Moody's said in a note.

In order to adapt to the new trends of economic globalization and meet the new requirements of domestic reforms, the country must take a more active approach to implement the strategy, he stressed.